Purpose The purpose of this paper is twofold. First, it evaluates the impossibility proposition, called the “Arrow impossibility theorem” (AIT), which is widely attributed to Arrow’s social choice theory. This theorem denies the possibility of arriving at any collective majority resolution...

The paper presents Kenneth Arrow's interpretation of the competitive general equilibrium model, arguing he used it to articulate an ambitious critique of what he called the 'neoclassical theory.' Without arguing that Arrow's account of neoclassical theory was correct, I explore how Arrow was...